Team size: 17 permanent FTE lawyers, alongside a small Regulatory Policy & Government Relations team, and a Company Secretary team, all part of the wider Legal & Board Governance Team.

Key team members: Richard Evetts, Head of Legal (UK); Eoin O’Reilly, Head of Product Legal; Ed Freeman, Director of Payments & Partnerships; Kate Atsbury, EIP Legal Director; Maartje Hop, Director of Sustainability; James Shafe, Director of Policy; Paul McCullough, MBL Company Secretary.

What significant projects or deals has the team worked on in the past year? Can you provide examples of successful outcomes or major accomplishments? 

Over the past year, the Monzo Legal & Board Governance team has been involved in a range of pioneering, customer-focused projects. Among the most notable is the development and launch of Monzo Investments, a product designed to simplify investing for a broader audience. This project aimed to address common barriers that prevent people from engaging with financial products. As a result, more than a third of Monzo Investments customers are first-time investors, and 45% of these new investors are women, reflecting a significant success in widening financial participation. 

The team also played a crucial role in advising Monzo during a high-profile £500 million funding round led by CapitalG, Alphabet’s independent growth fund. This round, which included investments from GV (Google Ventures) and HSG (HongShan Capital), alongside existing supporters such as Passion Capital and Tencent, is one of the largest fintech deals in Europe and the UK this year. It boosted Monzo’s valuation to $5 billion (£4 billion) and will accelerate the company’s expansion following a year of impressive growth, during which it achieved profitability and launched new, innovative products. 

Additionally, the team contributed to the development of several new features designed to help customers maintain control of their finances. Among these are the extended gambling block and enhanced security measures, such as the fraud side-kick. These features, which were prominently covered in the media, have strengthened protections for Monzo’s customers against fraud. 

Can you sum up the team culture or ethos in one sentence? How is this developed, and how does the team measure performance? 

The Monzo legal team’s ethos is rooted in supporting the company’s mission to make money work for everyone. This guiding principle underpins all the work we do, and our approach is collaborative at every level. The team operates with a high degree of cooperation, working closely with colleagues across departments, particularly in customer-focused squads that include product, engineering, data, and design professionals. We also maintain strong partnerships with other key functions, such as risk and compliance. 

We measure our performance through customer satisfaction metrics, such as organisational net promoter scores, which reflect customer engagement levels. Additionally, internal feedback and outcome-based surveys provide insights into our effectiveness. Consistently, the team’s role in ensuring the simplicity and accessibility of Monzo’s products, especially through clear, jargon-free terms and conditions, has been highlighted as a key factor in our success. 

Apart from legal matters, has the team worked on other company initiatives? (e.g. compliance, diversity, ethics, corporate social responsibility, etc.) 

Beyond legal responsibilities, the Monzo Legal & Board Governance team takes on several critical company-wide initiatives, including sustainability, regulatory policy, and corporate governance. The team leads Monzo’s sustainability objectives, overseeing projects like the company’s Net Zero commitments and its carbon footprint reduction efforts, which are detailed in the Non-Financial Statement section of our Annual Report. We also manage diversity and inclusion initiatives, such as promoting progressive workplace policies like pregnancy loss leave and working to exceed Board diversity targets. 

The team’s involvement in regulatory policy is significant, particularly in initiatives aimed at improving customer accessibility, financial understanding, and support for vulnerable customers. We see these efforts as crucial to Monzo’s mission of making complex financial matters more straightforward for everyone. Additionally, we play a leading role in shaping key regulatory policy discussions related to Open Finance, Payments, Data, and AI, ensuring that legislative frameworks support both innovation and customer protection. 

How does the team collaborate with other departments within the company? 

Collaboration is central to the Monzo Legal & Board Governance team’s approach. We work closely with various stakeholders across the Monzo group, whether through our involvement in multidisciplinary product squads or by taking a leadership role in sustainability initiatives. This seamless collaboration ensures that we function as an integral part of Monzo, driving the company’s mission forward alongside colleagues from all areas of the business. 

How does the team stay updated with changing regulations, ensure compliance, and handle legal landscape or industry trends? 

Given the team’s role in regulatory policy, government relations, and Board governance, staying ahead of legislative changes is a key focus. We maintain close relationships with policymakers and regulators, offering insights and feedback to ensure that regulations keep pace with the digitalisation of financial services. Monzo’s approach to product development, which often involves co-creating solutions with our community, gives us a unique perspective that we share with lawmakers. This ensures that our contributions to the legal landscape reflect both customer needs and industry trends.